New shares priced at 1.1c each are set to be bought by the likes of Tribeca, Ausbil and other unidentified institutions.
Equus said it was now primed to make the transition to a gold-silver producer, with the company having signed an agreement two years ago to acquire a 1500t per day processing plant at Cerro Bayo and mining properties 19% of its shares and 2.25% net smelter royalty.
Equus has until January 2022 to exercise the option.
The ASX-listed company had cash of $1.5 million at the end of March.
Shares in Equus were up 9% to 1.2c in morning trade, capitalising the company at $22 million.